Casey Wagner

<div id="highlights-block_626aac6b01e5b" class="highlights">
 <ul>
 <li>Bitcoin led in outflows, with investors pulling $67.3 million on average each week in April</li>
 <li>Multi-asset investment funds are faring better than their single-asset counterparts</li>
 </ul>
 
</div>



The month of April saw an average of $79.5 million leave crypto investment products each week, the largest so far in 2022, according to blockchain data firm CryptoCompare. Bitcoin led the decline, with investors pulling an average of $67.3 million each week.&nbsp;



Cryptocurrency exchanges reported lower trading volumes in April as well, marking the sixth straight month of declines. Average daily trading volumes fell 16.3% to $244 million in April. In total, trading volumes are down 71.0% since October 2021 and 83.8% since the all-time high in January 2021 of $1.51 trillion.&nbsp;



Multi-asset cryptocurrency investment products have fared better than their single-asset counterparts, CryptoCompare researchers found. Multi-asset products have posted inflows for the past three months, with average weekly flows hitting $4.23 million so far in April — compared with $18.9 million in average weekly inflows in February and $7.08 million in March. 



Despite an increase in outflows and trading volume decline, digital asset investment products have maintained relatively steady assets under management (AUM), CryptoCompare researchers noted.&nbsp;



“Total aggregate AUM across digital asset investment products fell marginally by 1.34% to $48.1 billion from the end of March to the 27th of April,” analysts wrote in their latest <a href="https://data.cryptocompare.com/reports/digital-asset-management-review-april-2022?mc_cid=7d9efe36ec&amp;mc_eid=bda2a2e884" target="_blank" rel="noreferrer noopener">report</a>. “AUM have remained relatively stable so far this year — with March seeing the highest month-end AUM at $48.7 billion.”&nbsp;



Bitcoin and ether experienced price declines of 16.3% and 14.4%, respectively, through April 27. Bitcoin has experienced a slight rally this week as big tech led a rebound in equities, but the largest digital currency has been unable to break $40,000. 



“If risk appetite remains strong on Wall Street, bitcoin could continue to rally — if earnings continue to impress — but shortly after Thursday’s mega-cap tech earnings, markets may enter a trading range until next week’s FOMC decision,” Edward Moya, senior market analyst at OANDA, said.



Sentiment also seems to have declined, with <a href="https://trends.google.com/trends/explore?date=today%203-m&amp;q=bitcoin" target="_blank" rel="noreferrer noopener">Google Trends data</a> showing a decline in searches for bitcoin since the start of the year. The crypto <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noreferrer noopener">fear and greed index</a>, a popular tool used to measure investors’ attitude, has dipped into the “extreme fear” zone in recent weeks, showing that sellers vastly outweigh buyers.



Bitcoin&#8217;s hashrate and mining difficulty have remained steady, <a href="https://mempool.space/mining" target="_blank" rel="noreferrer noopener">near all-time highs</a>, indicating the health of the Bitcoin network remains unaffected by short-term price swings.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>